Press briefing of Cabinet Decision taken on 2022-02-21

Project for construction of a 652 roomed luxury city hotel in Colombo 03

- Piyestra Furniture (Pvt.) Ltd. and D R Industries (Pvt.) Ltd. in collaboration with D R Home Appliances (Pvt.) Ltd. belonging to Damro Group of Companies have planned to construct a luxury city hotel with 652 rooms in Colombo 03 with an investment of US$ 70.4 million. The said project has been identified as a Strategic Development Project (SDP) under the Strategic Development Projects Act, No.14 of 2008 and the Board of Investment of Sri Lanka has given its approval to grant the relevant concessions under the said Act. As such, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Economic Policies & Plan Implementation to commence the due process stipulated under the Strategic Development Projects Act to consider the proposed project as a Strategic Development project and publish the Gazette Notification under section 3(2) of the Strategic Development Projects Act, No.14 of 2008 specifying the exemptions/concessions to be granted to Strategic Development Projects, was approved by the Cabinet.